vietcombank annual report 2012

years values ANNUAL REPORT Gold 04 VIETCOMBANK PROFILE 22 REPORT FROM BOARD OF MANAGEMENT 50 ORGANIZATION & PERSONNEL 66 THE BANK GOVERNANCE 90 CONSOLIDATED FINANCIAL STATEMENTS 06 General introduction Vietcombank. 08 A history Vietcombank. 10 Message from the Chairman and CEO. 12 Products & services geographical distribution. 14 Business model. 15 Organizational structure. 16 Key financial figures. 19 Development orientation. 20 Vietcombank’s domestic and international achievements in 2012. 24 Business activities in 2012. 27 Big investments in 2012. 28 Financial situation in 2012. 29 Shareholding structure in 2012. 30 Report & evaluation by the Board of Management. 46 Evaluation of the Board of Directors of the Vietcombank's activities. 52 Management structure. 55 Organization & personnel. 56 Board of Directors. 60 Supervisory Board. 62 Board of Management. 68 The bank governance. 76 Types of risks. 78 Society & community. 82 Subsidiaries & joint-ventures and associates. 88 List of branches and subsidiaries. 92 General information. 94 Report of the Board of Management. 95 Independent auditors’ report. 96 Consolidated balance sheet. 99 Consolidated income statement. 101 Consolidated statement of cash flows. 103 Notes to the consolidated financial statements. 2012 ANNUAL REPORT CONTENTS IN 2012, AMIDST THE PREPARATIONS TO WELCOME THE BANK’S 50 th ANNIVERSARY, TO CELEBRATE THE DEVELOPMENTS OF VIETNAM’S BANKING INDUSTRY AND TO COMMEMORATE THE COUNTRY’S HISTORIC BATTLE FOR REUNIFICATION AS WELL AS DECADES OF WORK TO ESTABLISH A SOCIALIST STATE, FOLLOWING THE ALL-ENCOMPASSING THEMES OF GLOBALIZATION AND INTEGRATION, THE JSC BANK FOR FOREIGN TRADE OF VIETNAM (VIETCOMBANK) HAS MADE TIMELY BUSINESS ADJUSTMENTS TO CATCH UP WITH OTHER LOCAL AND GLOBAL FINANCIAL MARKET PLAYERS. THE BANK IS READY TO TAKE ON A NEW, MATURE IMAGE, REPRESENTING BOTH A HISTORIC TURNING POINT FOR THE BANK AND A STATEMENT TO HALF A CENTURY OF TIRELESS EFFORTS. THIS NEW LOOK WOULD CARRY IN ITSELF OUR FERVENT HOPES FOR A BRIGHT FUTURE. Together for the future 3 ANNUAL REPORT 2012 • General introduction Vietcombank. • A history Vietcombank • Message from the Chairman and CEO • Products & services geographical distribution • Business model • Organizational structure • Key financial figures • Development orientation • Vietcombank’s domestic and international achievements in 2012 Vietcombank Profile Lotus flower starts to grow in the muddy water but manages to surpass the water and produce a perfect flower. It rises and blooms above the murk so as to affirm the vitality and overcome every difficulty to emerge to life. Transaction name Full name in Vietnamese: NGÂN HÀNG THƯƠNG MẠI CỔ PHẦN NGOẠI THƯƠNG VIỆT NAM. Full name in English: JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIET NAM. Transaction name: VIETCOMBANK Abbreviated name: VCB Certificate of business registration: Tax code: 0100112437 The Certificate of Business Registration No. 0103024468 was first issued by Hanoi Authority for Planning and Investment on June 02, 2008. The 7 th amendment was dated on January 10, 2012 Charter Capital (Shareholder’s Capital): 23,174,170,760,000 VND In words: Twenty-three thousand one hundred seventy- four billion one hundred seventy million seven hundred and sixty thousand VND. Stock code: VCB Par value: 10.000 VND Total number of shares: 2,317,417,076 No. 198 Tran Quang Khai, Ly Thai To Ward, Hoan Kiem District, Ha Noi, Vietnam Tel: 84 - 4 - 39343137 Fax: 84 - 4 - 38241395 Website: www.vietcombank.com.vn GENERAL INTRODUCTION VIETCOMBANK 7 ANNUAL REPORT 2012 VIETCOMBANK PROFILE VIETCOMBANK www.vietcombank.com.vn 6 Period of 1963 – 1975 Period of 1976 – 1990 Period of 1991 – 2007 Period of 2007 – 2012 1963-2013 1- 4 A HISTORY Vietcombank PERIOD OF 1963 – 1975 PERIOD OF 1991 – 2007 PERIOD OF 1976 – 1990 PERIOD OF 2007 – 2012 Born in Wartime to Become an Active Participant in the Country’s Resistance for Unification. Vietcombank officially came into operation on April 1 st , 1963 following Decision 115/CP dated October 30 th , 1962 of the Governmental Council on the basis of splitting banking functions from the Foreign Exchange Department under the State Bank of Vietnam. During the American War from 1963 to 1975, as the only authorized foreign trade bank in Vietnam, Vietcombank was charged with a historic mission, which involved making contributions to the construction and economic development of North Vietnam but also provided major support for our battles raging in the South. Gaining Foothold in a Period of Integration and Innovation This period saw Vietcombank’s transformation from a specialized foreign trade bank into a state-owned commercial bank serving its clients through a wide network of branches across the country and representative offices all over the world. Vietcombank was also the first bank to complete the Restructuring Project for the Banking System (2000 – 2005), which focused on improving banks’ financial capacity, management strength and technological base to develop better products and services. The Project had a two-fold goal: heightening banks’ contribution to the economy’s sustainable development and building their good reputation in the regional and global communities. Growing Through Hardship After 1975, Vietcombank inherited the old regime’s banking infrastructure to become the only authorized foreign trade bank in Vietnam responsible for holding the country’s foreign currency reserves, facilitating international payments and providing import- export credit. In addition, Vietcombank played a key role in the successful negotiations for the reduction and deferment of state debts which took place at the Clubs of Paris and London. Despite the trade embargo, Vietcombank was active within the international community in its search for aid and foreign currency loans, as well as in its efforts to promote payments and accelerate the country’s post-war recovery and the construction of a socialist state. Pioneer in Privatization and the Leading Bank of Vietnam Vietcombank successfully completed its IPO in 2007 and officially started to operate as a joint-stock commercial bank on June 2 nd , 2008. After the listing of its shares on the Ho Chi Minh Stock Exchange (HOSE) on June 30 th , 2009, Vietcombank became the first state-owned bank to complete the privatization process. September 2011 marked another milestone in the Bank’s The Special Foreign Currency Fund In April 1965, the Politburo ordered the State Bank of Vietnam to establish a Special Foreign Currency Fund at Vietcombank (code name: B29) to receive international aid and carry out special payments. The Politburo and the Southern Central Committee directly supervised this compact organization of merely a dozen people. In 10 years of top-secret operations, B29 had transported a large amount of foreign currency aid to support our battles in the South. history with the finalization of the Strategic Partner Agreement with Mizuho Corporate Bank. Vietcombank is now recognized as one of the largest commercial banks in Vietnam with over 20 billion USD in total assets generating impressive profits and a portfolio of leading services such as import-export payment, foreign exchange trading, card, etc. VIETCOMBANK’S PREDECESSOR Vietcombank was originally established as the Foreign Exchange Control/Management Bureau under the National Bank of Vietnam on January 20 th , 1955, pursuant to Decree 443/TTg issued by the Prime Minister of Vietnam. In 1961, the Foreign Exchange Management Bureau was renamed as the Foreign Exchange Department under the State Bank of Vietnam according to Decree 171/CP dated October 26 th , 1961 by the Governmental Council. This institution had distinct responsibilities: Performing policy research on foreign exchange control, fulfilling its advisory capacity to the SBV and carrying out international banking operations. VIETCOMBANK www.vietcombank.com.vn 9 8 ANNUAL REPORT 2012 VIETCOMBANK PROFILE The world experienced a difficult 2012, as many large economies are still in the middle of their rather slow recoveries. The domestic situation for Vietnam was not entirely uplifting, either. Even though inflation did remain under control (CPI was 6.81%), GDP grew by a paltry 5.03%. Despite the fact that interest rates had been marked down several times throughout the year, credit growth across the entire banking sector only reached 8.91%. NPL ratio, on the other hand, was growing at an alarming rate as more loans were turning bad and existing problem loans were not adequately processed. MESSAGE FROM THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER TOTAL ASSETS 414,475 VND BILLION INCREASE 13.02% Amidst these difficulties, VCB’s timely responses to fluctuating economic conditions had been a testament to the ability of our high-level executives. VCB ended 2012 on a relatively positive note, in line with the goals set out at the previous Annual General Shareholders’ Meeting. Our achievements would not have been possible without the contribution from our 13,500 employees, the loyalty of our millions of customers, the trust from our nearly 21,000 shareholders and, last but not least, the help from various Governmental agencies. VCB’s equity rose to VND 23,174 billion after multiple capital injection as part of the deal with Mizuho Corporate Bank. At the end of the year, the Bank’s loan portfolio had grown by 15.16% compared to the previous year (higher than the industry average), while total deposits from customers and total assets were up by 25.76% and 13.02%, respectively. After-tax profits reached VND 5,764 billion, up 1.17% compared to 2011. In 2012, VCB met all of the SBV’s prudential ratios while still maintaining our profitability, simultaneously upholding strict credit quality control alongside aggressive NPL processing activities. VCB concluded 2012 with an NPL ratio of 2.4% (lower than expected) and a CAR ratio of 14.83% (far surpassing the SBV’s requirement). It should be noted that VCB has also been expressing particular concern with risk control, PR and investor relations. On the last trading day of 2012, VCB stock was valued at VND 27,200 per share, 24.77% higher than the closing price of 2011. Not only did VCB focus on meeting its business targets for the year, the Bank has also complied with the Government and the SBV’s directives in an effort to stabilize macroeconomic condition and the money market, as well as to contribute to the national reserves. 2012 also witnessed VCB’s involvement in a wide range of activities to promote social welfare, ranging from volunteer dispatches to large donations. VCB’s constant appearance in the media, quite often linked to natural disaster relief efforts – especially in poor areas, has sculpted the Bank’s image as an institution devoted to improving the state of our society. Experts believe that macroeconomic conditions are unlikely to improve much in 2013 and we might have a year just as gloomy as the year before it. Regardless, VCB’s “keen, flexible and dedicated” management team, under the motto of “Innovation – Standard – Quality – Efficiency”, will follow closely the Bank’s 2011-2020 business plans, which involve developing its retail banking operations while strengthening its wholesale arm, at the same time continuing the Bank’s anti-dollarization policies and improving mutual cooperation with Mizuho, all to ensure sustainable, in- depth development which values quality over quantity in all aspects. VCB’s credit growth target for 2013 is at 12% (given extra tight credit quality control). The Bank also aims to maintain a high market share in international settlement and card business by incorporating advanced technology into all of its products and services, especially in retail banking. VCB’s other notable goals include expanding its network, improving its organizational structure both at H.O. and branch level, implementing more advanced risk management practices, while maintaining relevant prudential ratios and preparing the Bank for future growth. In addition, the Bank also ensures that special attention is paid to recruitment and training. Through these changes, Vietcombank hopes to ready itself for any new development which might occur in 2013. Despite challenges both at home and abroad, our staff at VCB have a firm belief in a positive outlook for the domestic and international economic situation, coupled with our trust in the guidance from the Government, the SBV and other Governmental agencies, the support from our valued customers and shareholders and finally, their own hard work. Not only are we well-armed to cope with any difficulty which may arise, we are also on the look-out for new development opportunities not only for 2013 but also for the years to come. Chairman of the BOD CEO NGUYEN HOA BINH NGUYEN PHUOC THANH 11 VIETCOMBANK www.vietcombank.com.vn 10 DISTRIBUTION PRODUCTS & SERVICES GEOGRAPHICAL Products & Services VCB's products and services are listed as follows: Account services; Capital mobilization services (savings deposits, bonds, debentures); Credit services (short, medium and long term); Guarantee services; LC Negotiation services; International payment services; Remittance Services; Card Services; Collection Services; Forex trading services; Correspondent banking services; Factoring Services; Other Services allowed under certificate of business registration Geographical Distribution By 2012, Vietcombank has 1 Head Office, 1 Operation Center, 78 branches and 311 transaction offices operating in 47/63 provinces and cities across the country. Out of these, 26.0% are in the Southeastern region, 20.5% in the Red River Delta, 20.5% in the Southern Central region, 17.9% in the Mekong Delta, 9.6% in the Northern Central region, 5.5% in the Northeastern region and none is in the Northwestern region. In addition, Vietcombank has over 1,700 correspondent banks in more than 120 countries and territories worldwide. 13 VIETCOMBANK www.vietcombank.com.vn 12 MODEL BUSINESS Internal Audit, Operational Control Credit Committee HO, ALCO, FUNCTIONAL DEPARTMENTS AT HEAD OFFICE AND BRANCH NETWORK Shareholders’ Annual General Meeting Supervisory Board Board of Directors CEO & Board of Management Wholesale Banking Treasury Retail Banking Risk Management Operations Finance/ Accounting Support Functions Compliance Risk Management Committee, Human Resource Committee, Strategic Cooperation Committee STRUCTURE ORGANIZATIONAL State Bank of Vietnam (77.11%) Commercial Bank Investment Bank Other Financial Services Insurance Real Estate Investment in other commercial banks VCB Tower 198 VCB - Bonday - Ben Thanh Mizuho Corporate Bank Ltd (15%) Other Shareholders (7.89%) Vietcombank Leasing (VCBL) 100% Life Insurance Company VCB Cardif 45% 100% 70% 52% VCB - Bonday 16% 100% Vietcombank Finance Company in HK (Vinafico HK) 75% Vietcombank Money Inc Vietcombank Fund Management (VCBF) 51% Subsidiary, Joint-venture/ Affiliated Companies providing non-financial services Subsidiary, Joint-Venture/ Affiliated Companies providing financial services Vietcombank Securities Company (VCBS) VCB is currently operating under the business model in which commercial bank serves as the main business segment and acts as a holding company for its subsidiaries. VIETCOMBANK www.vietcombank.com.vn 15 14 ANNUAL REPORT 2012 VIETCOMBANK PROFILE KEY BUSINESS PERFORMANCE UNIT 2008 2009 2010 2011 2012 Total Assets VND billion 222,090 255,496 307,621 366,722 414,475 Shareholder’s Equity VND billion 13,946 16,710 20,737 28,639 41,553 Gross loans/Total Assets % 50.79 55.43 57.50 57.11 58.19 Net non-interest income VND billion 2,318 2,788 3,336 2,449 4,154 Total operating income VND billion 8,940 9,287 11,531 14,871 15,108 Total operating expenses VND billion (2,592) (3,494) (4,578) (5,700) (6,016) Net operating income before provision VND billion 6,348 5,793 6,953 9,171 9,093 Provision for credit risks VND billion (2,757) (789) (1,384) (3,474) (3,329) Profit before tax VND billion 3,590 5,004 5,569 5,697 5,764 Corporate income tax VND billion (862) (1,060) (1,266) (1,480) (1,337) Profit after tax VND billion 2,728 3,945 4,303 4,217 4,427 Net profit after tax VND billion 2,711 3,921 4,282 4,197 4,404 PROFITABILITY RATIOS AND PRUDENTIAL RATIOS PROFITABILITY RATIOS NIM % 3.26 2.81 2.83 3.41 ROAE % 19.74 25.58 22.55 17.08 12.61 ROAA % 1.29 1.64 1.50 1.25 1.13 PRUDENTIAL RATIOS Net loans/Total Deposits % 70.50 83.57 84.88 86.68 79.34 NPLs/Gross loans % 4.61 2.47 2.83 2.03 2.40 BIS CAR % 8.90 8.11 9.0 11.14 14.83 EQUITY Common equity million shares 1,210 1,210 1,322 1,970 2,317 Dividend payout ratio %/year 12.0 12.0 12.0 12.0 12.0 Price per share (at year end) VND - 28,690 26,820 20,130 26,230 Market capitalization VND billion - 34,717 35,466 39,652 60,786 EPS VND - 2,871 2,315 1,789 1,909 DPS (VND per share) 1,200 1,200 Share Dividend 12% 1,200 1,200 KEY FINANCIAL FIGURES TOTAL ASSETS (VND BILLION) 20092008 2010 2011 2012 222,090 255,496 307,621 366,722 414,475 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 CAPITAL MOBILIZATION (VND BILLION) 20092008 2010 2011 2012 159,989 169,457 208,320 241,700 303,942 300,000 250,000 200,000 150,000 100,000 50,000 0 GROSS LOANS (VND BILLION) 20092008 2010 2011 2012 112,793 141,621 176,814 209,418 300,000 250,000 200,000 150,000 100,000 50,000 0 ROAA (%) 20092008 2010 2011 2012 1.29 1.64 1.50 1.25 1.13 3.50 3.00 2.50 2.00 1.50 1.00 0 30 25 20 15 10 5 0 ROAE (%) 20092008 2010 2011 2012 19.74 25.58 22.55 17.08 12.61 PROFIT BEFORE TAX (VND BILLION) 20092008 2010 2011 2012 3,590 5,004 5.569 5,697 5,764 6,000 5,000 4,000 3,000 2,000 1,000 0 6.000 5.000 4.000 3.000 2.000 1.000 0 PROFIT AFTER TAX (VND BILLION) 20092008 2010 2011 2012 2,728 3,945 4,303 4,217 4,427 400,000 350,000 30,000 25,000 20,000 15,000 10,000 5,000 0 TOTAL EQUITY (VND BILLION) 20092008 2010 2011 2012 13,946 16,710 20,737 28,639 41,553 241,163 TOTAL ASSETS - GROWTH RATE (VND BILLION) 20092008 2010 2011 2012 Total assets Growth rate % 222,090 255,496 307,621 366,722 414,475 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 12.46 15.04 20.00 19.20 30% 25% 20% 15% 10% 5% 0 13.00 17 ANNUAL REPORT 2012 VIETCOMBANK PROFILE VIETCOMBANK www.vietcombank.com.vn 16 MAKE VIETCOMBANK INTO A UNIVERSAL FINANCIAL BANKING GROUP WHICH HAS INTERNATIONAL SCOPE OF ACTIVITY AS WELL AS THE LEADING POSITION IN VIETNAM; BRINGING THE BEST SERVICE TO OUR CUSTOMERS; HARMONIZING BENEFITS AMONG CLIENTS, SHAREHOLDERS AND EMPLOYEES. VIETCOMBANK MAKES INTENSIVE EFFORTS TO BE ONE OF THE TWO TOP BANKS IN VIETNAM WHICH HAS INFLUENTIAL STRENGTH IN THE REGION AND BECOMES ONE OF THE LARGEST 300 FINANCIAL BANK GROUP IN THE WORLD BY 2020. GOALS AND VISIONS 2020 MEDIUM AND LONG TERM STRATEGY ORIENTATION BUSINESS DEVELOPMENT ORIENTATION Develop and expand activity to become universal Financial Banking Group which has influential strength in the region and in the world. Continue to affirm its position on Vietcombank’s core business activities - commercial banking operation based on modern technology with high-quality human resources and administration according to international standards. Safety and effectiveness in business is a primary target; "TURN TOWARDS A GREEN BANK FOR THE PURPOSE OF COMMUNITY’S SUSTAINABLE DEVELOPMENT" is considered as a long-term objective. Towards the goal of becoming an universal financial banking group on the basis of core commercial bank activities, Vietcombank determines to strengthen wholesale development, to promote retail activity as a foundation for sustainable development. To maintain its leading position in the banking business segments, Vietcombank needs to continue keeping up and expanding internal existing markets and overseas markets. Vietcombank will continue stimulating the wholesale and retail banking, affiliate products on the basis of updately modern technology, so as to provide maximum convenience and to meet various demand of customers on a best way. Additionally, to enlarge and diversify the business activity, apart from consolidating the core commercial banking activity, Vietcombank will employ appropriate strategies to develop investment banking services (consulting, brokerage, securities trading, investment fund management ), insurance services, financial non- financial services, including real estate through joint ventures with foreign partners. BOARD OF DIRECTORS OF VIETCOMBANK DEVELOPMENT ORIENTATION 19 ANNUAL REPORT 2012 VIETCOMBANK PROFILE VIETCOMBANK www.vietcombank.com.vn 18 [...]... (withdrawn) in 2012 (VND billion) Vietcombank Money Inc VCBM Remittance services 18.78 Vietcombank - Bonday - Ben Thanh Co Ltd VBB Office leasing 75.55 Military Bank MB Bank 176.00 VPF1 Investment Fund - 4.40 VPF1 ANNUAL REPORT 2012 REPORT FROM BOARD OF MANAGEMENT 27 SHAREHOLDING FINANCIAL STRUCTURE IN 2012 SITUATION IN 2012 Ownership Structure and Changes in Shareholders’ Equity as at 28/12 /2012 1 Share... mechanism for branches Retained earnings in 2012: Reached VND 6,144 billion 36 VIETCOMBANK www .vietcombank. com.vn ANNUAL REPORT 2012 REPORT FROM BOARD OF MANAGEMENT 37 THE BOARD OF MANAGEMENT REPORT EVALUATION BY (cont.) 400 NEARLY BRANCHES & TRANSACTION OFFICES REFORMS IN ORGANISATIONAL STRUCTURE AND MANAGEMENT POLICIES (cont.) IN THE YEAR VIETCOMBANK OF BUILT 2012, THREE (03) NEW BRANCHES IN NAM DINH,... surrounding environment purer, cleaner and fresher as well Report from BOM • Business activities in 2012 • Big investments in 2012 • Financial situation in 2012 • Shareholding structure in 2012 • Report & evaluation by the Board of Management • Evaluation of the Board of Directors of the Vietcombank' s activities B BUSINESS ACTIVITIES IN 2012 Y 31/12 /2012 VCB’S TOTAL CONSOLIDATED ASSETS REACHED VND 414,475... inventories, leading to rocketed 2012 NPLs To control credit quality, Vietcombank has attempted to prevent potential NPLs, and does not lower lending standard towards credit expansion With great efforts, as at 31/12 /2012, NPLs ratio was restrained at 2.4%, lower than the set target (2.8%) ANNUAL REPORT 2012 REPORT FROM BOARD OF MANAGEMENT 31 THE BOARD OF MANAGEMENT REPORT EVALUATION BY (cont.) BANKING... from other credit institutions: In 2012, the Bank’s interbank funding decrease 29% compared to 2011 To avoid risks of term mismatch and foreign currency shortage, VCB has focused on medium-and-long-term funding from overseas ANNUAL REPORT 2012 REPORT FROM BOARD OF MANAGEMENT 35 THE BOARD OF MANAGEMENT REPORT EVALUATION BY (cont.) RISK MANAGEMENT BY THE END OF 2012, VIETCOMBANK S TOTAL 3.50 SHAREHOLDER’S... equivalent 28 VIETCOMBANK www .vietcombank. com.vn Shareholders Address STATE BANK OF VIETNAM 47-49 Ly Thai To, Hoan Kiem, Ha Noi 1,787,023,116 77.11% MIZUHO CORPORATE BANK LTD 1-3-3, Marunounchi, Chiyoda-ku, Tokyo, Japan 347,612,562 15% (Source: The list of VCB’s shareholders as at 28/12 /2012 is provided by the Vietnam Securities Depository - VSD) ANNUAL REPORT 2012 REPORT FROM BOARD OF MANAGEMENT 29 N 2012, ... and support to the community Successfully organized Vietcombank s 50th anniversary and the launching of Vietcombank s new trade-mark ANNUAL REPORT 2012 REPORT FROM BOARD OF MANAGEMENT 45 MPORT EXPORT TRADE VOLUMES REACHED 38.81 BILLION U.S DOLLARS, ACCOUNTING FOR 16.95% OF VIETNAM MARKET SHARE OTHER BUSINESS SECTORS MAINTAIN GOOD GROWTH RATES IN 2012, VIETCOMBANK OVERCAME DIFFICULTIES OF THE DOMESTIC... policies (iii) Apply flexible customer policies, with special focus on service prices, ANNUAL REPORT 2012 REPORT FROM BOARD OF MANAGEMENT 43 THE BOARD OF MANAGEMENT REPORT EVALUATION BY REINFORCE INTERNAL FORCE AND INITIATE THE RESTRUCTURING OF VIETCOMBANK REINFORCE INTERNAL FORCE AND INITIATE THE RESTRUCTURING OF VIETCOMBANK IMPROVE MANAGEMENT CAPACITY AND SYSTEM MANAGEMENT CAPACITY, AND APPLY MANAGEMENT... prestigious local and overseas universities In 2012, Vietcombank has organised 62 training courses, successfully defensed an industrial scientific research subject and inspected 12 Vietcombank scientific research subjects 40 VIETCOMBANK www .vietcombank. com.vn STRATEGIC COOPERATION The year 2012 is the first stage in the strategic cooperation process with Mizuho Vietcombank actively performed technological... number of Vietcombank s employees was 13,637 persons, out of which 76% had bachelor’s degrees and 7% had graduate degrees Vietcombank has paid special attention to upholding the quality of its employee selection 70% of our management level staff holds graduate degrees from renowned institutions both at home and abroad 54 VIETCOMBANK www .vietcombank. com.vn ORGANIZATION & PERSONNEL ANNUAL REPORT 2012 ORGANIZATION . 39343137 Fax: 84 - 4 - 38241395 Website: www .vietcombank. com.vn GENERAL INTRODUCTION VIETCOMBANK 7 ANNUAL REPORT 2012 VIETCOMBANK PROFILE VIETCOMBANK www .vietcombank. com.vn 6 Period of 1963 – 1975 Period. DIRECTORS OF VIETCOMBANK DEVELOPMENT ORIENTATION 19 ANNUAL REPORT 2012 VIETCOMBANK PROFILE VIETCOMBANK www .vietcombank. com.vn 18 Truong Sa Islands Hoang Sa Islands DOMESTIC AND INTERNATIONAL VIETCOMBANK S 01. 1000 World Banks of 2012. DOMESTIC ACHIEVEMENTS AWARDS FROM INTERNATIONALLY ACCLAIMED MAGAZINES ACHIEVEMENTS IN 2012 VIETCOMBANK www .vietcombank. com.vn 21 20 ANNUAL REPORT 2012 VIETCOMBANK PROFILE •